Exercise 15-21 The outstanding capital stock of waterway Corporation consists of 2,100 shares of 100 par value, 8% preferred, and 4,800 shares of 50 par value common. Assuming that the company has retained carnings of $88,500,all of which is to be paid out in dividends, and that preferred dividends were not paid during the 2 years preceding the current year, state haw much cach dlass of stock should receive under cach af the following ating-(Round answers to (a) The preferred stock is noncumulative and nonparticpa 0 decimal places, eg. $38,487.) Preferred Common (b) The preferred stock is cumulative and nonparticlpating. (Round answers to 0 declmal places, e.g. $38,487.) Preferred Common Round answers to 0 decimal places, eg. $38,487 Round ans e.g. $38,487.) c The preferred stock is cumulative and participating Round the rate of participation to 4 decimal ces e g 1.42789 Preferred Common